Skip to main content

  •  Tel: 901-757-5757
  •  Toll Free: 800-757-1059
  •  Fax: 901-756-9480
  •  Employees
  • Client Login
  •  
  •  
  •  
  •  
  •  

  • Home
  • About
    • Mission Statement & Vision
    • Locations
    • History
  • Our Team
    • Germantown - Corporate Headquarters
    • Nashville
    • Pulaski
    • Savannah
    • Evansville
    • Newburgh
  • What We Do
  • Career Opportunities 
    • Experienced Advisor Career Opportunities
    • Considering a Career in Financial Services?
    • What Sets Shoemaker Financial Apart?
    • Why Women are a Natural Fit
  • Resources 
    • Advisor Resource Center
    • Investment Advisory
    • Benefits Department
    • Financial Planning
    • Compliance
    • Useful Websites
    • Economic Calculators
    • Marketing
    • Sales Management
    • IT
  • Blog
  • Contact
  • Employees Only

Memphis, TN

What five things do I value most in my life?

Mt. Pleasant, SC

Would I benefit from a valuable second opinion on my financial situation?

Newburgh, IN

Is my current strategy taking me closer or further from my financial objectives?

South Bend, IN

Is my current strategy taking me closer or further from my financial objectives?

Nashville, TN

Would I benefit from a valuable second opinion on my financial situation?

  Previous   Next

    You are here

  1. Home
  2. Blogs
  3. Debunking Common Retirement Assumptions

Debunking Common Retirement Assumptions

Submitted by Shoemaker Financial on February 12th, 2020
  • Share on Facebook
  • Facebook Like
  • Tweet Widget
  • Linkedin Share Button

Financial generalizations are as old as time. Some have been around for decades, while others have only recently joined their ranks. Let’s examine a few.

Retirement means I can stop investing. In the past, retirement was viewed as an “end” in many ways. These days though, retirement is often seen as an opportunity to return to one’s passions or just another of life’s many chapters. That doesn't mean you should stop investing, however.

My taxes will be lower. That depends on your situation. Some may earn less in retirement, which could lower their tax bracket which may reduce overall taxes. On the other hand, some retirees may end up losing the tax breaks they enjoyed while working. For more insight into your tax situation in retirement, speak with a tax or financial professional. They can help you manage withdrawals from your qualified retirement accounts.1

I started saving too late, and now retirement is impossible. No matter how far behind you feel you are, don’t lose hope. Remember, you can make larger, catch-up contributions to your Individual Retirement Accounts (IRAs) after age 50. In fact, if you are 50 or older this year, you can put as much as $25,000 into a 401(k) plan.2

Withdrawals from traditional IRAs and distributions from 401(k) plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

Medicare will take care of me. Unfortunately, Medicare doesn’t cover extended care, if that's the only care you need. Instead, extended care insurance is often the best choice when preparing for retirement.3

I’ll live on less when I’m retired. Maybe. This one depends on how you approach retirement. In the later phase of retirement, people often choose to live on less. But for many, the first few years of retirement mean traveling and new adventures. In other words, taking a realistic look at where you would like to be in retirement makes all the difference when it comes to retirement costs.

At the end of the day, there is no “one-size-fits-all” retirement strategy. Every individual, couple, or family needs a strategy tailored to their situation, risk tolerance, and financial Debunking Common Retirement Assumptions objectives. With proper preparation and the help of a trusted financial professional, there’s no reason you can’t create a strategy tailored to whatever life has in store.


1 money.usnews.com/money/retirement/iras/articles/2017-04-03/5-new-taxes-to-watch-out-for-in-retirement

2 https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to6500#:~:text=The%20contribution%20limit%20for%20employees,increased%20from%20%246%2C000%20to%20%246%2 C500.

3 https://www.medicare.gov/coverage/long-term-care

Securities and Investment Advisory Services offered through Securian Financial Services. Member FINRA/SIPC. Shoemaker Financial is independently owned and operated. Shoemaker Financial 2176 West Street, Suite 100, Germantown, TN 38138. Neither Securian Financial Services, Inc. nor Shoemaker Financial are affiliated with Platinum Advisor Marketing Strategies, LLC. No. X2897874 DOFU 1.15.20

Book a Meeting

Tell a Friend

2176 West Street
Germantown, Tennessee
38138 United States

  •  Tel: 901-757-5757
  •  Toll Free: 800-757-1059
  •  Fax: 901-756-9480
  •  info@shoemakerfinancial.com
  •  
  •  
  •  

Disclaimer

Shoemaker Financial is independently owned and operated and offers its own suite of products and services entirely independent of Securian. 

Certain individuals associated with Shoemaker Financial are registered with and offer securities and investment advisory services through Securian Financial Services, Inc. ("Securian"), a registered broker-dealer and investment adviser, member FINRA / SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. FINRA's Broker Check contains additional information about registered individuals and also indicates whether they are registered representatives and/or investment advisor representatives. You may also refer to their individual bio pages on this website to find their registration status. Not all registered persons are registered as investment advisor representatives.  Only registered persons who are registered as investment advisor representatives use titles “advisor” or “financial advisor” and provide advisory services. For further questions about which individuals associated with Shoemaker Financial are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized to offer on Securian's behalf, please contact Securian at 1-800-820-4205. 

3077334 DOFU 06/2020

Shoemaker Financial, 2176 West Street, Suite 100, Germantown, TN 38138 (901) 757-5757 (800) 757-1059. 

© 2021 Shoemaker Financial. All rights reserved.

Website Design For Financial Services Professionals